27 Aug '15, 7am

Singaporeans still keen on Aussie property

Comment E-mail to friend Bookmark & Share Singaporean interest in properties down under has not been affected by the tighter regulations introduced by the Australian government on foreign property ownership, said estate agents, reported Channel NewsAsia . In February, additional administrative fees of a minimum of A$5,000 were proposed for property investment applications by foreigners, while stricter penalties were also proposed in May for foreigners purchasing resale homes in the country. Overseas buyers purchasing resale homes may be imprisoned for three years or fined A$127,500, while companies may face fines of A$637,500. Those who knowingly assist a foreigner to violate the rules may be subject to criminal and civil penalties, including fines of A$212,500 for companies and A$42,500 for individuals. Foreigners are only allowed to buy new homes under Australia’s foreig...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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